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IMPLICIT COST: An opportunity cost that does NOT involve a money payment or a market transaction. This should be contrasted with explicit cost that DOES involve a money payment or a market transaction. The common misconception among non-economists out there in the real world is that the term "cost" is synonymous with the term "payment," that is, all costs are explicit costs, to be a cost you have to give up some money. Well, I'm here to tell you that this isn't true. Cost is opportunity cost. It's the satisfaction NOT received from activities NOT pursued. It's the value of foregone production. And not all opportunity costs involve a money payment.
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ARC ELASTICITY The average elasticity for discrete changes in two variables. The distinguishing characteristic of arc elasticity is that percentage changes are calculated based on the average of initial and ending values of each variable, rather than initial values. Arc elasticity is generally calculated using the midpoint elasticity formula. The contrast to arc elasticity is point elasticity. For infinitesimally small changes in two variables, arc elasticity is the same as point elasticity.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors looking to buy either a small palm tree that will fit on your coffee table or several magazines on fashion design. Be on the lookout for neighborhood pets, especially belligerent parrots.
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This isn't me! What am I?
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A half gallon milk jug holds about $50 in pennies.
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"Do not wait; the time will never be just right " -- Napoleon Hill, author
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ARIMA
Autoregressive Integrated Moving Average
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